# Table 13b: QE Interaction with Japanification Controls

| Variable | 10y (Full+Japan) | 10y (OECD+Japan) | 10y (Full, no Japan) | 10y (OECD, no Japan) |
|---|---|---|---|---|
| Z_1 | 56.663*** (17.608) | 56.663*** (17.608) | 57.571*** (17.543) | 57.571*** (17.543) |
| Z_2 | -6.592*** (2.330) | -6.592*** (2.330) | -6.695*** (2.324) | -6.695*** (2.324) |
| Z_3 | 0.215** (0.087) | 0.215** (0.087) | 0.218** (0.087) | 0.218** (0.087) |
| qe_active | -1.225** (0.489) | -1.225** (0.489) | -1.218** (0.483) | -1.218** (0.483) |
| Z_1_x_qe | -13.700 (30.170) | -13.700 (30.170) | -14.601 (30.039) | -14.601 (30.039) |
| Z_2_x_qe | 2.216 (3.849) | 2.216 (3.849) | 2.332 (3.833) | 2.332 (3.833) |
| Z_3_x_qe | -0.092 (0.137) | -0.092 (0.137) | -0.096 (0.137) | -0.096 (0.137) |
| rgdp_growth | -0.025** (0.013) | -0.025** (0.013) | -0.023* (0.012) | -0.023* (0.012) |
| inflation | -0.751*** (0.024) | -0.751*** (0.024) | -0.750*** (0.023) | -0.750*** (0.023) |
| fiscal_bal_gdp | 0.019 (0.019) | 0.019 (0.019) | 0.022 (0.018) | 0.022 (0.018) |
| kaopen | -1.150*** (0.187) | -1.150*** (0.187) | -1.156*** (0.186) | -1.156*** (0.186) |
| nfa_gdp_lag | -0.360 (0.305) | -0.360 (0.305) | -0.330 (0.304) | -0.330 (0.304) |
| debt_liab_gdp | -0.001 (0.002) | -0.001 (0.002) |  |  |
| savings_investment_gap | 0.004 (0.017) | 0.004 (0.017) |  |  |
|---|---|---|---|---|
| R² | 0.266 | 0.266 | 0.251 | 0.251 |
| N obs | 803 | 803 | 803 | 803 |
| N countries | 23 | 23 | 23 | 23 |
| Japanification controls | Yes | Yes | No | No |